'Around 400,000 more people visit China each year - that's like an Olympics every year for us,' Cosslett said.

IHG pushed profits up by a third to $291m (£153m) for the half-year to June, a result at the top end of City expectations.

Although airlines and other travel companies are suffering deeply from the economic slowdown, Cosslett believes those with the right business models - he singled out budget airline easyJet - will continue to prosper.

'It might be a soft market overall but there are opportunities. People are making choices about how they spend their money, but they are still travelling,' he said.

IHG has close to 4000 hotels and 600,000 rooms in all, numbers it intends to keep growing through deals with franchisees. But analysts have been worried that IHG's business partners would struggle to get the loans they need to open hotels under the Holiday Inn or Crowne Plaza brand.

Cosslett says that so far these fears have been unwarranted.

'We are signing deals, which means funding is available. The top end is a bit more challenging, but the mid-scale is fine,' he said.

Although the big Wall Street banks have stopped lending, small-town banks are still offering construction loans to local businessmen they know well, says Cosslett.

Revenue was up 14% to $952m. An interim dividend of 12.2 cents, up 6%, will be paid.